Very good.

But don't sign anything until you get legal advice. Something like would usually result in stamp duty being paid on both blocks.

Pretty soon new legislation is coming in called PPS Act or Personal Property Security Act. This will allow security to be taken over all sorts of items.

This is going to revolutionise the world of security. You could theoretically get a loan secured on your coffee table. There will be a national register of items – like the land system – so credit providers can register their interest in the item and then gain priority over the item. (Not sure how you identify a coffee table or similar item when there are no serial numbers).

Many new strategies will come out in lending and asset protection etc.

That's probably right. You might need a contract market, but even if you had an incomplete one it should be still possible

I think a property cannot be marketed without a contract of sale and the s32 forms part of the contract.

It would be extremely difficult to find a commercial lender willing to lend more than $20k to $30k unsecured. Far too dangerous to them.

Generally the main residence and 2 hectare surrounding it can be CGT exempt. I think the exemption can apply to land on a separate title if it is next door.

Transferring ownership to a different name (incl another entity) will be the same as a sale so CGT would apply (unless the main residence exemptions can apply) and stamp duty.

If he keeps in his name and develops then CGT would apply, but part of it would be exempt. GST would also apply on the sale of the new properties too.

Actually if the intention is to develop CGT may not apply, it would probably be just straight income tax.

1. Means that if the home is for sale with a contract of sale. Probably would exclude transfers from Trustee to beneficiary etc

2. New property, or substantially renovated property has GST applicable on the sale. So if this property price included GST in the contract of sale it would probably meet this requirement.

Notice they say "and" after each line. That means all requirements would need met. I think it would be unlikely that the seller would want to charge you GST because that would be 10% he would have to give to the ATO. So he would have to increase the price or he would be out of pocket.

I think you may have forgotten to take into consideration stamp duty in your plan. Flipping is good in theory, but I haven't seen anyone do it – actually one person I know did after a reno and maybe about $20k.

I am a solicitor and investor and exmortgage broker and live in the CBD if you want to meet up.

Get some advice on this as generally Only the name on title will be able to claim deductions.

Walt,

What state is the house in? It is not so easy to change names on title, although it may probably be stamp duty exempt from one spouse to 2 you would have to change and reapply for the loan on the property.